I don't like the "licensed not sold" line. A copy was sold, U.S. law (generally) backs that up, and that means there are certain things you can do with it such as loan it out or give it away/resell it. You can't copy it, but that's because of copyright law, not because it's licensed-not-sold.
The gun example is the only one I can refute
Movies are licensed not sold. You own the disk, you can hack saw the disk all you want you just aren't supposed to make a copy and sell it.